This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Bogus LTCG from Penny Stock Allegation Rejected for Genuine Long-Term Share Holding
Case Law Details
- Case Name
- PCIT Vs Gopalbhai T Patel (HUF) (Gujarat High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Gujarat High Court
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
PCIT Vs Gopalbhai T Patel (HUF) (Gujarat High Court)
The Gujarat High Court dismissed the tax appeal filed by the Revenue under section 260A of the Income-tax Act, 1961, holding that no substantial question of law arose from the order of the Income Tax Appellate Tribunal. The dispute related to an addition of ₹7,15,679 made by the Assessing Officer on account of alleged unexplained income from sale of shares of Global Capital Markets Limited, treated by the Revenue as a penny stock transaction generating bogus long-term capital gains.
The assessee had filed the return of income for Assessmen...
Author Info
